A useful insurance review should look at more than whether the policy is still active.

Some important questions to ask include:

Does the policy still reflect what my business does? #

Consider whether your declared activities are still accurate.

Have you:

• Added new services or products?
• Entered new industries?
• Started working overseas?
• Taken on larger projects?
• Begun using subcontractors or consultants?

Changes to your activities can affect your insurance requirements.

Are my limits and sums insured still appropriate? #

Consider whether your current limits reflect:

• The size of your business
• The value of your property
• The size of your projects
• Potential claim exposures
• Contract requirements
• Licensing or registration requirements

What are the important exclusions and conditions? #

Every policy has limitations.

Review whether there are exclusions, endorsements or conditions that are particularly relevant to the way your business operates.

Have my contracts changed? #

New clients or projects can introduce different insurance requirements.

Check:

• Required insurance types
• Minimum limits
• Run-off periods
• Territorial or jurisdiction requirements
• Indemnities and other contractual liabilities

You can read more about contractual liability.

Has the business itself changed? #

Consider changes to:

• Turnover
• Staff numbers
• Business locations
• Property and equipment
• Vehicles
• Directors or ownership
• Business structure

Are there exposures I am not currently insuring? #

As businesses evolve, new exposures can arise.

These might include cyber risks, management liabilities, additional property, vehicles or professional services.

Have I had any claims, complaints or incidents? #

Claims and circumstances should be disclosed when required.

For claims-made policies such as Professional Indemnity Insurance, notifying known circumstances can be particularly important.

If you are unsure whether your current insurance still reflects your business, contact our team for assistance with a review.